Australian, New Zealand Dollars Climb On Trade Deal Hopes
December 05 2019 - 9:24PM
RTTF2
The Australian and New Zealand dollar strengthened against their
major counterparts in the Asian session on Friday amid risk
appetite, as investors awaited U.S. jobs data and focused on
developments in China-U.S. trade talks.
Hopes for a trade deal increased after US President Donald Trump
remarked that US-China trade talks are "moving right along."
Investors also look ahead to the release of U.S. payrolls data
due tonight.
Economists expect U.S. employment to increase by 180,000 jobs in
November after an increase of 128,000 jobs in October. The jobless
rate is expected to hold at 3.6 percent.
Data from the Australian Industry Group and Housing Industry
Association showed that Australia's construction sector contracted
further in November.
The Performance of Construction Index fell 3.9 points to 40.0 in
November. A score below 50 indicates contraction in the sector.
The aussie rose to 0.6846 against the greenback and 74.45
against the yen, from its early lows of 0.6830 and 74.24,
respectively. If the aussie rises further, 0.70 and 76.5 are likely
seen as its next resistance levels against the greenback and the
yen, respectively.
Reversing from its early lows of 1.6257 against the euro and
0.8998 against the loonie, the aussie edged higher to 1.6222 and
0.9024, respectively. The aussie is seen locating resistance around
1.60 against the euro and 0.92 against the loonie.
The kiwi advanced to 0.6561 against the greenback, 71.34 against
the yen and 1.6925 against the euro, off its previous lows of
0.6541, 71.09 and 1.6978, respectively. The kiwi is poised to test
resistance around 0.68 against the greenback, 73.00 against the yen
and 1.65 against the euro.
Looking ahead, UK Halifax house price data is due in the
European session.
U.S. and Canadian jobs data for November, U.S. wholesale sales
and consumer credit for October and University of Michigan's
preliminary consumer sentiment index for December will be featured
in the New York session.
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